MONEYVAL assessment could pose a major threat to Island’s economy

Being downgraded in status by Europe’s anti-money laundering body could cause the Island’s GDP to drop by six to seven percent.

According to Financial Services Authority board member Leam Thompson, being put on the 'grey' list would have a major impact on the Island’s economy and would affect doing business with the rest of the world.

A team from the MONEYVAL organisation will be visiting the Island next October to assess its ability to tackle financial crime. 

Preparations are underway across the Manx government and financial industry as part of efforts to ensure a good outcome.